[GET] Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families

[StillStanding]

How the everyday investor can ramp up to multigenerational perpetual wealth

There’s a new standard of wealth today, and many people don’t realize they’re part of the club. More than thirty-three million American households are now “mass affluent,” with a net worth between $100,000 and $1 million (not including the house they live in). They know they’re doing well, but few realize that they have the potential to achieve much more.

Get Rich, Stay Rich, Pass It On is based on groundbreaking research into America’s richest families. Each year, McBreen and Walper’s firm surveys more than five thousand millionaire and megamillionaire households, and conducts many in-person interviews, online research, and historical analysis. The authors know better than anyone who the megarich are, where they work, how they invest, and how they plan their estates.

The lessons they draw from their research will surprise you. It turns out that there are many ways to get rich, but only two definitive ways to ensure perpetual wealth.

This is a powerful book for small business owners, professionals, and ambitious people of all ages.

Code:

https://www.mediafire.com/file/88uno33hkevb168/

[GordonShumway]

Thank you for the share.

I read this book over 10 years ago and was a bit disappointed. I was hopeful that it would give a much more detailed ideas and plans on the best way to build and hold wealth.

Basically, what is says is that rich families invest in Real Estate and their own Businesses. With a little in the stock market....

Nothing earth shattering in that. That is something that has been know for ages.

A common investment strategy that has been around for thousands of years is split your money in to 3 parts. One part in Real Estate, one part in your business, one part in fast access assets (including cash) to handle emergencies and take advantage of opportunities.

That's it.

That is what I did a long time ago, with the idea that when I bought Real Estate, in the early years, I always bought something that allowed me to rent out part of the property.

My first property in Canada had a suit in the basement that I rented out. This dropped my mortgage payments and allowed me to save more money.

Simple.....

Use the above formula and invest in things that have a very low risk of loss and over time you will do OK.

Cheers,

G.S.

[pframpt]

Thanks for sharing.

[Ghost Fox]

Thank you StillStanding and max reps.

[Lavarball]

Thanks for the reviews and saving my time.

May be old but these principles still work. Good that you are successful. I'm a salaried guy and this year I'm gonna buy a real estate.

(08-19-2024 04:21 PM)GordonShumway Wrote:  Thank you for the share.

I read this book over 10 years ago and was a bit disappointed. I was hopeful that it would give a much more detailed ideas and plans on the best way to build and hold wealth.

Basically, what is says is that rich families invest in Real Estate and their own Businesses. With a little in the stock market....

Nothing earth shattering in that. That is something that has been know for ages.

A common investment strategy that has been around for thousands of years is split your money in to 3 parts. One part in Real Estate, one part in your business, one part in fast access assets (including cash) to handle emergencies and take advantage of opportunities.

That's it.

That is what I did a long time ago, with the idea that when I bought Real Estate, in the early years, I always bought something that allowed me to rent out part of the property.

My first property in Canada had a suit in the basement that I rented out. This dropped my mortgage payments and allowed me to save more money.

Simple.....

Use the above formula and invest in things that have a very low risk of loss and over time you will do OK.

Cheers,

G.S.

[GordonShumway]

(09-20-2024 11:54 AM)Lavarball Wrote:  May be old but these principles still work. Good that you are successful. I'm a salaried guy and this year I'm gonna buy a real estate.

Yes, you are correct.

I never meant to imply that these ideas don't work, just that they have been around for a very long time.

I myself have used these ideas to build a comfortable life, even though I did it a little different.

The book says: Real Estate, Family Business, Cash Assets....

What I started doing at first as I was saving was store my money in Index Funds. Index Funds are based on a wide range of companies in the stock market (some index funds are based on the entire market). This allowed me to earn interest on the money I was saving as most good quality Index Funds average out around 9 to 10% per year OVER THE LONG TERM....

I saved like crazy and put every extra dollar I had into those funds.

NOTE: The very first thing I did was remove all my debt AND then save up enough cash to cover 3 months of living expenses.... After that I started the above...

While I was saving, I started looking at Real Estate. I looked at a lot of it. I wanted to be familiar with the neighbourhoods and local prices.

I started reading everything I could find on investing in Real Estate, how mortgages work, how to pay them off faster, how to fix things myself around the house...

One of my first rules (for me) was that my first property must be able to rent out part of it. I wanted help with the mortgage payments.

I ended up buying a 2 bedroom house that had a 2 bedroom apartment in the basement. I quickly rented that out and it paid for about 70% of my mortgage.

Also, I shopped around for the best mortgage. I got one that allowed me to make extra payments anytime I wanted. And the extra went 100% against the Principle, so no Interest.

Most people do not really understand mortgages and how much Interest you pay especially in the early years.... Adding extra payments in reduces the time it takes to pay it off a huge amount. Spend a weekend studying Mortgage stuff and you can learn the basics and how to really save yourself a boat load of money.

All smart investors learn to take emotion out of the formula and invest with a sharp mind focused on the numbers.

Time, capital appreciation and compounding interest can all work for you or against you. As much as possible, you want to swing those into your favour.

Before investing your hard earned dollars, make sure you understand the basics.

Cheers,

G.S.

[Lavarball]

Thanks for your story. I have also started doing indexfund, mutual fund and crypto investing. I'm very optimistic about future.
I wish people share their stories in this thread. Would have been a constructive discussion here.

(09-20-2024 12:57 PM)GordonShumway Wrote:  

(09-20-2024 11:54 AM)Lavarball Wrote:  May be old but these principles still work. Good that you are successful. I'm a salaried guy and this year I'm gonna buy a real estate.

Yes, you are correct.

I never meant to imply that these ideas don't work, just that they have been around for a very long time.

I myself have used these ideas to build a comfortable life, even though I did it a little different.

The book says: Real Estate, Family Business, Cash Assets....

What I started doing at first as I was saving was store my money in Index Funds. Index Funds are based on a wide range of companies in the stock market (some index funds are based on the entire market). This allowed me to earn interest on the money I was saving as most good quality Index Funds average out around 9 to 10% per year OVER THE LONG TERM....

I saved like crazy and put every extra dollar I had into those funds.

NOTE: The very first thing I did was remove all my debt AND then save up enough cash to cover 3 months of living expenses.... After that I started the above...

While I was saving, I started looking at Real Estate. I looked at a lot of it. I wanted to be familiar with the neighbourhoods and local prices.

I started reading everything I could find on investing in Real Estate, how mortgages work, how to pay them off faster, how to fix things myself around the house...

One of my first rules (for me) was that my first property must be able to rent out part of it. I wanted help with the mortgage payments.

I ended up buying a 2 bedroom house that had a 2 bedroom apartment in the basement. I quickly rented that out and it paid for about 70% of my mortgage.

Also, I shopped around for the best mortgage. I got one that allowed me to make extra payments anytime I wanted. And the extra went 100% against the Principle, so no Interest.

Most people do not really understand mortgages and how much Interest you pay especially in the early years.... Adding extra payments in reduces the time it takes to pay it off a huge amount. Spend a weekend studying Mortgage stuff and you can learn the basics and how to really save yourself a boat load of money.

All smart investors learn to take emotion out of the formula and invest with a sharp mind focused on the numbers.

Time, capital appreciation and compounding interest can all work for you or against you. As much as possible, you want to swing those into your favour.

Before investing your hard earned dollars, make sure you understand the basics.

Cheers,

G.S.